Comments on: Retirement Planning and Social Security Countdown http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/?utm_source=rss&utm_medium=rss&utm_campaign=retirement-planning-social-security-countdown A Baby Boomer's Journey from Retirement Planning to Retirement Living Mon, 21 May 2012 17:39:02 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Cheryl http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-2570 Cheryl Wed, 02 Jun 2010 13:55:46 +0000 http://gotoretirement.com/?p=3838#comment-2570 Sorry, but I totally disagree with you cc waiting to collect SS. If you collect at early retm't. age, put the money in a CD and watch it grow even faster, or SPEND and ENJOY it. That's what you worked for all your life Your example of your friend retiring early and dieing is a perfect example. You can be here today, gone tomorrow. So, collect it and enjoy it while you can. Don't worry about getting sick and not having enough money. Like I hear in all the political shows, hospitals can't turn you down because they don't pay taxes since they don't make money . If people can cross the border and get FREE healthcare and SS because their child was born here....we can too. Sorry, but I totally disagree with you cc waiting to collect SS. If you collect at early retm’t. age, put the money in a CD and watch it grow even faster, or SPEND and ENJOY it. That’s what you worked for all your life

Your example of your friend retiring early and dieing is a perfect example. You can be here today, gone tomorrow. So, collect it and enjoy it while you can.

Don’t worry about getting sick and not having enough money. Like I hear in all the political shows, hospitals can’t turn you down because they don’t pay taxes since they don’t make money . If people can cross the border and get FREE healthcare and SS because their child was born here….we can too.

]]> By: Mr. GoTo http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-2413 Mr. GoTo Fri, 16 Apr 2010 00:46:07 +0000 http://gotoretirement.com/?p=3838#comment-2413 Cynthia: The benefit estimates are provided in today's dollars because the cost of living adjustments are so unpredictable. So, unless the law is changed, you will be receiving $1300 in today's dollars at age 62. The actual dollar amount will depend on COLA over the next ten years. Cynthia: The benefit estimates are provided in today’s dollars because the cost of living adjustments are so unpredictable. So, unless the law is changed, you will be receiving $1300 in today’s dollars at age 62. The actual dollar amount will depend on COLA over the next ten years.

]]> By: Cynthia in France http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-2412 Cynthia in France Fri, 16 Apr 2010 00:19:40 +0000 http://gotoretirement.com/?p=3838#comment-2412 I have a question about the annual statements they send you from Social Security. Mine says my benefits will be about $1300/month at age 62, which is 10 years from now. But since SS, on average, has a 2.5% cost of living increase every year, wouldn't they increase my benefits by that much each year for the next 10 years until I retire? Surely, they would figure in cost of living increases between now and then or is that already figured into the $1300/month calculation? Thanks, Cynthia I have a question about the annual statements they send you from Social Security. Mine says my benefits will be about $1300/month at age 62, which is 10 years from now. But since SS, on average, has a 2.5% cost of living increase every year, wouldn’t they increase my benefits by that much each year for the next 10 years until I retire? Surely, they would figure in cost of living increases between now and then or is that already figured into the $1300/month calculation? Thanks, Cynthia

]]> By: Mary Ann http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1786 Mary Ann Fri, 23 Oct 2009 11:26:19 +0000 http://gotoretirement.com/?p=3838#comment-1786 I think I got the above strategy a bit wrong. lets assume my husband's SS benefit may be a bit higher than mine..... November 2013, husband is 66. Wife (age 64) files for SS and suspends. Husband then applies for spousal benefit. April, 2015, wife is 66> Husband files for SS and suspends. Wife then files for spousal benefit. November 2017, husband turns 70 and begins to collect full SS benefits Wife continues to collect spousal benefit, based upon husband's highest level of benefits April, 2019, wife turns 70 and files for maximum SS benefits. Please let me know if this is the best strategy. Thank you. I think I got the above strategy a bit wrong. lets assume my husband’s SS benefit may be a bit higher than mine…..

November 2013, husband is 66. Wife (age 64) files for SS and suspends. Husband then applies for spousal benefit.

April, 2015, wife is 66> Husband files for SS and suspends. Wife then files for spousal benefit.

November 2017, husband turns 70 and begins to collect full SS benefits
Wife continues to collect spousal benefit, based upon husband’s highest level of benefits

April, 2019, wife turns 70 and files for maximum SS benefits.

Please let me know if this is the best strategy. Thank you.

]]> By: Mary Ann http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1784 Mary Ann Fri, 23 Oct 2009 11:15:22 +0000 http://gotoretirement.com/?p=3838#comment-1784 Both my husband and I have worked full time for over 40 years so we are both eligible for SS at the highest levels. My husband was born in November, 1947 and I was born in April, 1949. Please tell me if the following is the best strategy to maximize our benefits.... In November, 2013, husband is 66 so he files and suspends. Wife (age 64) applies for spousal benefit. This would stay in effect for 48 months until the husband reaches age 70 (november 2017). Husband then cancels the suspension and collects full SS benefits. Wife contines to receive the spousal benefit until April 2019 when the wife reaches age 70 and files for full SS benefits. I think I finally understand how to best manage this....but I would appreciate your review and comment. Both my husband and I have worked full time for over 40 years so we are both eligible for SS at the highest levels. My husband was born in November, 1947 and I was born in April, 1949. Please tell me if the following is the best strategy to maximize our benefits….

In November, 2013, husband is 66 so he files and suspends. Wife (age 64) applies for spousal benefit. This would stay in effect for 48 months until the husband reaches age 70 (november 2017). Husband then cancels the suspension and collects full SS benefits.

Wife contines to receive the spousal benefit until April 2019 when the wife reaches age 70 and files for full SS benefits.

I think I finally understand how to best manage this….but I would appreciate your review and comment.

]]> By: Mr. GoTo http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1781 Mr. GoTo Fri, 23 Oct 2009 04:51:05 +0000 http://gotoretirement.com/?p=3838#comment-1781 Mary: You can file and suspend only when you reach full retirement age which for you will be at age 66. As for your second question, when you have reached full retirement age and are eligible for a spouse's benefit or your own retirement benefit, you can choose to receive only the spouse's benefit now and delay receiving retirement benefits until a later date. Mary: You can file and suspend only when you reach full retirement age which for you will be at age 66. As for your second question, when you have reached full retirement age and are eligible for a spouse’s benefit or your own retirement benefit, you can choose to receive only the spouse’s benefit now and delay receiving retirement benefits until a later date.

]]> By: Mary Ann Runaldue http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1780 Mary Ann Runaldue Fri, 23 Oct 2009 00:28:46 +0000 http://gotoretirement.com/?p=3838#comment-1780 I am 18 months younger than my husband. My husband will be 66 in 2013 and I will be 64. Can I file and suspend in 2013 and have my husband collect a spousal benefit on my benefit for four years (until he turns 70 at which time he will file and collect his own SS? Once I turn 66 in 2015, can I apply for a spousal benefit with my husband and defer collecting any Social Security benfits until I turn 70? Mary Ann Runaldue I am 18 months younger than my husband. My husband will be 66 in 2013 and I will be 64. Can I file and suspend in 2013 and have my husband collect a spousal benefit on my benefit for four years (until he turns 70 at which time he will file and collect his own SS?

Once I turn 66 in 2015, can I apply for a spousal benefit with my husband and defer collecting any Social Security benfits until I turn 70?

Mary Ann Runaldue

]]> By: Mr. GoTo http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1773 Mr. GoTo Wed, 21 Oct 2009 18:20:20 +0000 http://gotoretirement.com/?p=3838#comment-1773 Alan: You are correct - my calculation was off slightly. However, her survivor benefit will be based on my delayed credits for waiting until age 70. Alan: You are correct – my calculation was off slightly. However, her survivor benefit will be based on my delayed credits for waiting until age 70.

]]> By: alan karl http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1772 alan karl Wed, 21 Oct 2009 18:03:55 +0000 http://gotoretirement.com/?p=3838#comment-1772 i thought the spousal retirement benefit is capped at 50% of your benefit at FRA(adjusted for inflation) if she has reached her own FRA i thought the spousal retirement benefit is capped at 50% of your benefit at FRA(adjusted for inflation) if she has reached her own FRA

]]> By: John DeFlumeri Jr http://gotoretirement.com/2009/10/retirement-planning-social-security-countdown/comment-page-1/#comment-1690 John DeFlumeri Jr Sun, 04 Oct 2009 19:44:07 +0000 http://gotoretirement.com/?p=3838#comment-1690 Lots of people I meet say that even though it's not enough to live on for them, they'll still take social security on the first day they can get it. Lots of people I meet say that even though it’s not enough to live on for them, they’ll still take social security on the first day they can get it.

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